S Corp approval, what next?

[Kk6]

I filed Form 2553, the Election by a Small Business Corporation form, establishing a sole proprietorship or partnership as an S-corp, and got approved last Friday. My LLC was established in late 2021 and made very little money in 2022, so I filed my 2022 taxes using Schedule C. In 2023, I am beginning to do well; as of today, I've made over 100K. I paid myself 24K as of May 31.  Two independent contractors worked for me on the weekend; I paid them 20K in compensation/wages.  

Now here is my problem, I want to pay estimated taxes for 2023. Can I do this using a form in Pro Series Professional 2022? How do I do that? I need all the help I can get.

I appreciate any help you can provide.

[Just-Lisa-Now-]

This groups is for tax professionals using Intuit's Professional software, its not a place for DIY help or instruction.

You should find a local tax professional to help you navigate this.

[abctax55]

What now?"

I suggest seeking a professional tax preparer to help you;  this site is for us pro's to help out each other, not to assist DIYers.  TurdoooooTax is an option.

[abctax55]

(Lisa... jinx 😉

[qbteachmt]

"Two independent contractors worked for me on the weekend; I paid them 20K in compensation/wages.'

Well, nope. That's because they are either on payroll as Employees (and likely supposed to be). Or, you hired independent contractors. You need to learn about Worker Misclassification, apparently.

"Now here is my problem, I want to pay estimated taxes for 2023. Can I do this using a form in Pro Series Professional 2022? How do I do that? I need all the help I can get"

First, you need help to understand how to run and be an S Corp. There are some penalties (and interest) from doing things incorrectly. Next, your entire discourse on not making much money and then making more, does not drive why you file or if you file or how you file. Next, how you "paid" yourself should have been through payroll for the S Corp, bot not until you are operating as an S Corp per the acceptance from the IRS.

Lastly, ProSeries is tax return preparation software. The issue of Estimates means you make payments. You can do that online through one of the many methods provided by the IRS. ProSeries is not a payment app. And Estimates are for your personal tax return, so I would guess that is 1040-ES for you.

You need some mentoring before you try to use ProSeries for your clients or yourself, and for running your own entity properly, before trying to be helpful to your own taxpayer clients. Everyone has to learn, and everyone is supposed to stay current as rules and regulations change.

[Kk6]

Thanks so much for your reply. You are a gem. 

Thanks